Saudi Industrial Services Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 336 | 243.4 | 38.04 | 434.9 | -22.74 |
| Gross Profit (Loss) | 135.8 | 99.7 | 36.21 | 129.1 | 5.19 |
| Operational Profit (Loss) | 81.7 | 52.7 | 55.03 | 83.9 | -2.62 |
| Net Profit (Loss) after Zakat and Tax | 21.2 | 3.1 | 583.87 | 19.4 | 9.28 |
| Total Comprehensive Income | 31 | 4.5 | 588.89 | 12.4 | 150 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 770.9 | 455.9 | 69.09 |
| Gross Profit (Loss) | 264.9 | 189.9 | 39.49 |
| Operational Profit (Loss) | 165.6 | 99.2 | 66.94 |
| Net Profit (Loss) after Zakat and Tax | 40.7 | 3.9 | 943.59 |
| Total Comprehensive Income | 43.5 | 6 | 625 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,527 | 1,459 | 4.66 |
| Profit (Loss) per Share | 0.5 | 0.05 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Reported net income for the Q2’23 was SAR 21.2 million compared to SAR 3.1 million for the Q2’22 due to the following.
• Increase in revenue (excluding accounting construction revenue) from 213.2 million in Q2’22 to 261.4 million in Q2’23 due to the logistics and ports segments mainly driven by improved volumes. • The gross profit for the period improved significantly, reaching SAR 135.8 million, up from SAR 99.7 million. Additionally, the gross profit margin for Q2'23 rose to 52.0%, showing an increase from 46.8% recorded in Q2FY22. This improvement can be attributed to progress across all segments. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net income for the second quarter improved by 8.9% from the previous quarter due to the following:
• Increase in revenues for the second quarter of 2023, excluding accounting construction revenue, by 9.4% compared to the previous quarter at SAR 261.4 million due to higher port gateway volume. • Logistics showed improvements as revenue improved by almost SAR 7 million compared to last quarter. • The second quarter gross profit of SAR 135.8 million grew by 5.2% from the last quarter due to strong revenue growth. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | • The first-half revenue for 2023, excluding accounting construction revenue, grew by 22.2% from H1 2022 on the back of overall improvement across all segments.
• Gross profit for H1 2023 was SAR 264.9 million, which grew by 39.5% from H1 2022 due to more conducive market conditions and improved global supply chains as compared to H1 2022.
• For the H1 2023 period, reported net income was SAR 40.7 million, increased by 940.1%, due to a stronger first half as compared to previous year.
• Global supply chain disruptions had a significant impact on last year's results, particularly affecting gateway and transshipment volumes in the Ports segment. Additionally, Kindasa revenues were negatively affected due to a temporary decline in production. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Financial statements for the current period have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition, and disclosure for some of the financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom. |
| Additional Information | In accordance with IFRIC 12 (IFRS Interpretations Committee) 12, the reported YTD revenue includes construction revenue of SAR 270.6 million. There is no impact on gross profit or net profit as there is a corresponding construction cost of SAR 270.6 million recognized in the cost of revenue. |
| Attached Documents |  |
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